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YCW SG: Professor Gunter Dufey - RMB Internationalization - A Critical Anal...

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Hogan Lovells Lee & Lee

50 Collyer Quay

Singapore, 049321

Singapore

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The presentation begins with an analysis of the demand and supply of currencies used by transactors. What motivates individuals and businesses to use a currency other than their own? If businesses in Singapore and Indonesia cannot agree on using SGD or IDR, which currency will they choose?

While countries can deter others from using their currencies (Switzerland and Singapore, for example), the use of a country’s currency by third-country transactors cannot be compelled. They must earn this role in competition with others.

The special role of the RMB will be analyzed from this perspective, in part by comparing the RMB with another Asian currency supported by a very large economy, the JPY. The analysis will also ask why the PRC government has been so keen to promote the international role of their currency.

The author of the presentation is G. Dufey, Prof Emeritus of the University of Michigan (Ann Arbor USA) who serves also on the faculty of NTU/NBS.

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Hogan Lovells Lee & Lee

50 Collyer Quay

Singapore, 049321

Singapore

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